Could Cryptocurrency Really Change the World?

Over time, online transactions have become far more commonplace. In fact, they are now a main way of paying for things. Shopping online is a lot more convenient in many ways. You can get items from suppliers far outside of your geographical location, you can trace where your items are, and your transactions are secure. As commonplace and widely accepted as all this is now, it is still relatively new.

Cryptocurrency, or digital currency, is similar. It is relatively new, but it is quickly becoming widely accepted. Just a few years ago, nobody had heard of it, yet today we have companies like Prescott Regency that enable people to invest in them. So where has this all come from?

The Development of Cryptocurrency

The first type of cryptocurrency was Bitcoin. This was an attempt to create a form of decentralized currency that was open source. This means that everybody is a proprietary owner of the system. It aimed to create a world in which nobody needed to have money in their wallet anymore. Rather, they would use an application to make transactions, purchase items, invest, trade, and so on.

Since Bitcoin, a number of other forms of cryptocurrency have been developed and it seems that digital currency is becoming more widely accepted in industry and trade. Should it really take off, a whole new world will be developed. New jobs would exist, transactions would be faster, and people could have assets that no government is aware of. Essentially, cryptocurrency could buy people freedom. Best of all, there is never a concern of having your money stolen, because it only exists in a digital format.

Cryptocurrency continues to be somewhat limited, but great strides are being made. For instance, a huge construction project in Dubai is currently under way, where people can purchase shares in the project, as well as physical assets, using cryptocurrency. Much still has to be done, and there are strong negative connotations with the Dark Web and illegal trade. However, the same was true for the internet in its early days, and this has now all changed. It is fair to assume that the way we use money is being revolutionized. People now have a choice about where they wish to keep their assets – in centralized, controlled banks, or in decentralized areas where they are in full control of their assets.

One other fantastic development is that cryptocurrency allows those people who are unbanked, to finally have accounts. The reality is that there are still millions, if not billions, of people who do not have access to financial banking services, meaning that they only have cash. In fact, there are some 70 million people in this country alone that are unbanked. Companies like Prescott Regency aim to change this, ensuring everybody is able to have access to financial services in which they can hold their assets, regardless of their geographical location or financial and social status. All they need is access to the internet.